The rise in popularity of NFT ( Non Fungible Token ) in 2021 has helped attract a significant number of new users to the cryptocurrency market. Blockchains like Ethereum are also more widely accepted. At the same time, Ethereum's NFT ecosystem also attracts more users as the floor price of NFT collections keeps rising.
Most of the attention is coming from speculators who expect their NFT-owned collections to grow as strong as Bored Ape Yacht Club or CryptoPunks . That's why at that time, the demand for hunting NFT collections was increasing. This is evident in the total number of monthly traders. In January 2021, the number of traders recorded was only 10,000. However, after only 1 year (January 2022), this number has increased to 550,000 people.
The significant increase in the number of users has proven the appeal of NFT. It not only attracts users but also mainstream media, which take turns reporting on NFT.
Besides, the increase of NFT hunting is also driven by another factor. That is the application of NFT, it meets the collector's preferences of investors.
Because the nature of NFT is a unique, irreplaceable token, it is likened to works of art and precious antiques. Therefore, NFT gives investors the same feelings when they own rare antiques.
In addition, it is the easily accessible nature of NFT that has contributed to attracting more users than other collectibles.
However, blockchains like Ethereum (often considered the main chain for Blue-chip development or high-end NFT) have been unable to meet the increase in demand to participate in its NFT ecosystem.
Since there are many types of NFTs that often do not grant users access to funds and mint fees, popular NFTs often cost thousands of dollars. Therefore, the NFT ecosystem on Ethereum is only suitable for users with significant financial resources.
This has exposed the Ethereum blockchain as an efficient earning platform, frequently congested by too many NFT mint transactions and driving up gas fees.
As a result, there was a need for a network that could remove barriers to entry into the NFT ecosystem. This network will be responsible for making NFT minting less expensive and helping the NFT ecosystem to grow more and more.
Aura Network is an NFT-focused Layer 1 blockchain developed using the Cosmos SDK. This project was created to fulfill the goal of expanding the limits of NFT in the Web 3.0 and cryptocurrency space. To that end, Aura Network has integrated and added solutions that showcase the use of NFT in different sectors.
Aura Network's vision is to be an all-in-one platform for NFTs. This means that NFT minting, reviews, queries and transactions are all done on a single platform.
The Aura ecosystem can be split and divided into 4 different layers: Infrastructure, Currency, Decentralized Applications (Dapp), and OpenAPI. Each layer will provide users in the Aura ecosystem with different values. At the same time, it also gives Aura the ability to achieve its goal of becoming an all-in-one platform for NFTs.
The infrastructure in the Aura network includes all the resources related to the underlying blockchain platform, as well as root blocks, configuration files, IBCs. In addition, the infrastructure has services deployed to serve the Aura network, allowing it to maximize interoperability.
Aura Network has two coins in its ecosystem, Aura Coin and Aura Token. Aura Token can be considered as a placeholder first issued on Binance Smart Chain, capable of converting into Aura Coin after Aura Network mainnet launch.
Aura Network also supports CW-20 token generation, similar to other blockchains using the CosmWasm module. The applications developed in Aura Network are all geared towards providing a strong user experience to investors in the former DeFi and NFT space. It is those applications that will ensure a smooth transition from other chains to Aura Network.
Aura Network will introduce key Dapps to promote its NFT ecosystem, such as:
Finally, applications built on top of the Aura Network will provide standard OpenAPIs to the community, ensuring that querying from the blockchain ledger becomes easier. This is done through Aura Indexer, which is a comprehensive project in which Aura Network can process every blockchain transaction and state data in every block, as well as store the results in a NoSQL database. to handle queries better.
The Aura Indexer also provides the same APIs as the RPC node so that customers don't have to change their existing API calls. This makes it compatible with other Cosmos SDK-based blockchains.
The combination of the four layers mentioned in the above section has allowed Aura Network to provide users with three main properties:
Aura Network owns partners and investors including Coin98 Ventures, GBV Capital, FPT, Impossible Finance, KuCoin Labs, Kyber Ventures, NGC Ventures, SNZ, GuildFi, Avalanche Asia Star Fund, MEXC, TPX Ventures, Vanda Capital, RedlineDAO, AhaMove, Oracles Investment Group, DEO Network, Ecomobi, K300 Ventures and Pencil.
As of June 2022, the project has successfully raised 5 million USD in seed and strategy rounds. The funding is secured by Coin98 Ventures, Kyber Ventures, KuCoin Labs and GBV Capital.
Aura Network strongly supports applications when implementing integration with it, such as the Coin98 wallet which has become the official wallet for this network.
Maximize interoperability and security by enabling the IBC protocol
IBC ( Inter-Blockchain Communication ) is a module of Cosmos that allows chains built on the Cosmos SDK to send assets and data to each other. Aura Network enables IBC by default, allowing users to easily transfer assets from chains like Terra, Atom, Osmosis, or other IBC-enabled blockchains.
At the same time, Aura Network can maximize interoperability by allowing heterogeneous chains to communicate with each other and exchange value reliably. This is essential for new chains like the Aura Network, as maximizing interoperability allows Aura to reap the benefits of other IBC-enabled chains.
Furthermore, by using IBC, Aura Network removes barriers to entry into a new chain. That is, the Aura Network provides the ability to seamlessly transfer tokens from one chain to another, so users on many other blockchains can more easily access this network. In addition, the implementation of IBC helps users save significant costs when minting and transacting NFT on this network.
In addition, the fact that Aura Network has IBC enabled by default, not only helps it maximize interoperability, but also enhances security when transferring assets through the bridge. This is because most of the popular cross-chain bridges such as Synapse, Connext and Multichain (formerly AnySwap) are built by independent third parties.
Therefore, the security inside third-party bridges is often different and less secure. The proof is that bridges like Multichain have been attacked by hackers and mined for more than 3 million USD.
Aura can prevent these risks by ensuring that security is not compromised. Data will be sent through IBC and authenticated upon arrival at Aura Network.
The ability to launch users through innovative technology implementations and partnerships
In addition to building its own Dapps, Aura Network also expands partnerships with projects like Artaverse, to reduce barriers to entry into NFT for many audiences (investors, creators, etc.).
Artaverse is a tool that allows artists and publishers to create thousands of NFTs with different characteristics. At the same time, it gives users on Aura Network the opportunity to access the platform to create NFTs and distribute them to the community.
Besides, tools like Artaverse can allow many inexperienced users to still create NFTs. This greatly reduces the amount of time it takes to create an NFT and removes the stereotype that NFTs are only suitable for experienced people.
In the first cooperation with Artaverse, Aura Network collaborated with VnExpress – one of the most famous newspapers in Vietnam, to conduct a music event and capture its outstanding moments through NFTs. created from Artaverse.
These NFTs are unique, licensed high quality video clips and will never be published online in any other way. The purpose is to ensure both the exclusivity and rarity of those videos.
Additionally, Artaverse will help Aura Network attract more non-crypto users, as it will also integrate a local payment gateway so fans can buy NFTs with both crypto and fiat. .
Thus, the purpose of cooperation between Aura Network and Artaverse is to meet the increasing needs of the user community and artists to produce higher quality NFTs.
Aura Network now plans to ensure that Dapps will be fully deployed and operational in the near future. Dapp developers will innovate continuously and develop more features to improve user experience.
Aura Network's future plans will focus on developing various NFT use cases involving both SocialFi and GameFi. Therefore, Aura is considered one of the blockchain networks to help develop and nurture the puzzle pieces revolving around the NFT ecosystem.
Ultimately, Aura Network believes in a multi-pronged future and will focus on developing bridges with other networks and the metaverse world.
Development team
Aura Network's core development team consists of more than 50 software developers and 12 backend developers. They are experienced developers who have worked in Web 2.0, Web 3.0 companies.
Giang Tran – Main Founder of Aura Network: He is in charge of promoting the strategy and growth of Aura Network. Giang Tran is also a member of the Forbes Technological Council, with considerable expertise in cloud and blockchain technology.
Project advisor
To better understand the project's development team and advisor, readers can refer to the article "learn about the team behind Aura Network".
AURA is the native token of the Aura Network ecosystem, with the following key information:
Once released, AURA will be used to pay transaction fees, with other services such as: Paying back AURA staking investors, providing liquidity and governance.
The upcoming AURA will be sold IDO on Impossible Finance platform on July 25, 2022 – July 27, 2022.
One of the main risks facing Aura Network is the potential for widespread adoption of NFTs in the future. That is, when Aura Network focuses all its resources on developing NFTs and their use cases, will NFT retain its appeal until Aura Network completes the pieces of the ecosystem? ?
However, Aura Network has been able to mitigate this risk through a variety of solutions, such as supporting thriving ecosystems in the form of investments through Coin98 Ventures and its native wallet. In addition, implementing partnerships and Dapps that reduce barriers to entry and maximize interoperability will help Aura Network achieve success as it continues to grow and build.
In addition to the information provided by TraderH4, readers can refer to more information on Aura Network's official social media channels such as:
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